How Should Regulated Firms Manage Pre-Approval Controlled Functions (PCFs) Vacancies At This Time?

Introduction­­

As Regulated Financial Service Providers ("RFSPs") navigate their way through the unchartered waters of this Covid-19 pandemic they are relying on supervisory authorities at national and European levels to provide direction and in some cases, regulatory forbearance, on certain regulatory obligations. On a daily basis we are seeing statements from these authorities which are helping to map a path through the challenges being created by Covid-19. One of the most recent statements which RFSPs should be aware of is that from the Central Bank of Ireland ("Central Bank") in respect of Preapproved Control Functions ("PCFs").

"How should regulated firms manage PCFs vacancies at this time?"